Zoomlion ends pursuit of Terex Corporation

Zoomlion has ended its multi-billion dollar bid to acquire Terex Corporation. In a statement to customers, Ken Lousberg, Terex Cranes president, said that discussions between the two construction equipment industry heavyweights over a near US$3.3 billion deal had been terminated. Lousberg said the recently announced sale of Terex Corporation’s Material Handling and Port Solutions business segment to Finland-based Konecranes for around $1.3 billion is proceeding as planned, subject to regulatory and Konecra
May 31, 2016 Read time: 2 mins
RSSIn a statement to customers, Ken Lousberg, 2941 Terex Cranes president, said that discussions between the two construction equipment industry heavyweights over a near US$3.3 billion deal had been terminated. Lousberg  said the recently announced sale of Terex Corporation’s Material Handling and Port Solutions business segment to Finland-based Konecranes for around $1.3 billion is proceeding as planned, subject to regulatory and Konecranes shareholder approval.
 
“We are pleased that this announcement brings several months of uncertainty to an end for our customers, our team members and our shareholders. With this uncertainty behind us, the Terex team can focus our full efforts on serving our customers,” said Lousberg. “The favourable impact of the MHPS sale will enhance our financial position, enabling us to invest in new products and services to serve you even better in the future.”

Terex Corporation, headquartered in Westport, Connecticut, manufactures cranes and construction and quarrying equipment for a number of industries, including construction, quarrying, manufacturing, shipping, energy and mining. It posted revenue of US$6.5 billion in 2015 and has about 20,400 employees.
Asphalt milling, paving & compaction

For more information on companies in this article

Related Content

  • Building the diamond road in Lesotho
    April 6, 2016
    A job site in the Southern African nation of Lesotho represents one of the most extreme and challenging projects to some key Italian firms of the last 10 years. The project was certainly different from the norm It involves building a road in the Lesotho Mountains, some 200km from the capital Maseru, with the work being carried out by the Cooperative of Building and Cement workers from Ravenna (CMC). CMC, which has ranked among Marini's clients for many years now, is involved in the construction of a
    Read More
  • Terex MP buys Canadian concrete mixer company
    August 2, 2022
    Terex Materials Processing (MP) has acquired Canadian company ProAll, a specialist producer of mobile volumetric concrete mixers.
    Read More
  • Senior ADB figure urges governments to act on sustainable transport
    September 27, 2013
    Multilateral development banks (MDB) are determined to do all they can to encourage governments of developing countries meet key sustainable transport targets, according to a senior figure at one of the world’s biggest MDB’s. Guy Woodford reports Tyrrell Duncan, Asian Development Bank’s (ADB) director of Transport and Communications Division, East Asia has been at the forefront of MDB efforts to enhance sustainable transport and road safety in developing countries. Speaking during a break in talks at the In
    Read More
  • Indonesia’s Trans-Sumatra highway inches ahead
    March 11, 2015
    Indonesia will form a consortium of state enterprises to build all the 2,700km of the Trans-Sumatra toll highway, from Lampung to Aceh on the island of Sumatra. The finance department is also setting up special infrastructure banks to provide flexible loans for the state departments to fund the project, Indonesian media reported. Indonesia recently changed the law that had the state infrastructure company PT Hutama Karya as the only organisation allowed to build major projects. Other state enterprises can n
    Read More

Highlighted Content